/KASE, April 14, 11/ - BTA Bank (Almaty), bonds of which are officially listed
on Kazakhstan Stock Exchange (KASE), provided to KASE the press release of
April 14, 2011:
quotation
As a result of General Meeting of Shareholders which was held on April 14,
2011 in Almaty a decision was made to merge лBTA Kazakhstan¬ Pension Fund
and Zhetisy, company running investment management of pension assets
(further - Management Company) with UlarUmit Pension Fund.
Joining of BTA Kazakhstan Pension Fund and Zhetisy Management Company with
UlarUmit Pension Fund will be completed in two stages. At first stage -
BTA Kazakhstan Pension Fund will be joined with UlarUmit Pension Fund, at
second stage - Zhetisy Management Company will be joined with UlarUmit Pension
Fund.
Shareholders approved reorganization plan of pension assets within BTA Group,
which includes procedure, terms and prices of shares of BTA Kazakhstan Pension
Fund, Zhetisy Management Company and UlarUmit Pension Fund.
Reorganization of pension assets within BTA Group will result in the merger
of investment portfolios, equity capital and customer bases. Market share of
reorganized pension fund is expected to be increased up to 20 % and to position
fund on the 2nd place by size of pension assets. Reorganization will also result
in increase of customer base reaching 1 866 thousand of depositors.
Reorganized UlarUmit Pension Fund will combine advantages of three companies
boasting with extensive experience in investment management, particularly
during high volatility of equity market; distribution network with more than
140 regional representatives and professional staff.
Reorganized Pension Fund will inherit all liabilities of three companies,
preserving all terms and conditions of previously reached agreements.
Fund's shareholders and management plan to utilize resources, which became
available as a result of optimization and cut-back of administrative costs,
in favor of development and improvement of service quality, extension of
branch network by opening new regional units and representative offices,
market research and satisfaction of customers' needs.
ends
the press release is available on KASE website at:
-
http://www.kase.kz/files/emitters/BTAS/btas_reliz_140411.pdf - in Russian
and Kazakh;
-
http://www.kase.kz/files/emitters/BTAS/btas_reliz_140411.e.pdf - in English.
[2011-04-14]